Snapdeal, Ola drill $1.4 billion hole in SoftBank’s pocket

Japan’s SoftBank Group Corporation (SBG) took $1.4 billion hit on account of its investments in two Indian start-ups — cab-hailing service Ola and e-commerce firm Snapdeal.

“Loss on financial instruments at Fair Value through Profit or Loss (FVTPL) was ¥160,419 million compared to a gain of ¥114,377 million in the previous fiscal year,” SBG reported in a financial filing on Wednesday for the financial year ended March 31, 2017.

“Financial instruments at FVTPL included preferred shares of Jasper Infotech Private Limited, which operates the e-commerce website in India, and ANI Technologies Private Limited, which operates the taxi booking platform Ola, also in India,” the company explained.


read more- IB Times

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